Mechanics of vePOST

In the Post.Tech ecosystem, vePOST (Vote Escrowed POST) introduces a unique mechanism that intertwines user commitment with enhanced platform influence. This section delves into the mechanics of vePOST, explaining how users can transform their POST tokens into this powerful governance tool.

1. Conversion Process: Converting POST tokens into vePOST is a straightforward process. Users need to lock their POST tokens for a specified period. This period can range from a few months to several years, depending on the user's preference and commitment to the platform.

2. Lock-in Periods: The core of vePOST's mechanics lies in its lock-in periods. Users have the flexibility to choose their lock-in duration, with longer periods resulting in more significant benefits. The minimum and maximum durations are designed to accommodate both short-term supporters and long-term believers in Post.Tech.

3. Voting Power Enhancement: Once POST tokens are locked in and converted into vePOST, they grant the holder enhanced voting power in the platform's governance decisions. The longer the lock-in period, the greater the voting weight of the vePOST tokens. This system ensures that users who are committed to the platform for the long haul have a more substantial influence on its direction and policies.

4. Unlocking vePOST: At the end of the lock-in period, vePOST tokens can be unlocked and converted back to POST tokens. This process is designed to be as user-friendly as the initial locking mechanism, ensuring that users can easily reclaim their POST tokens when the lock-in period expires.

5. Dynamic Influence: The mechanics of vePOST are dynamic. If a user decides to extend the lock-in period before it expires, their vePOST retains its enhanced voting power. This feature encourages ongoing engagement and long-term planning within the Post.Tech community.

Implementation

Let $t_l$ represent the time of the lock, where $t_l <= t_{max}$ and $t_{max} = 4\;years$. Once locked, the time left to unlock is denoted as $t$ where $t < t_l$. Given $a$ as the initial amount of tokens locked, the voting weight and multiplier can be calculated using the formula:

$w = a * \frac{t}{t_{max}} * 200 \%$

This formula helps in determining the voting weight based on the proportion of the lock period remaining relative to the maximum lock period.

Voting weight of VePOST NFT over time $t_l = 4$

Key parameters like multiplier and the maximum lock time $t_{max}$ are constants set in the smart contract from initialization and cannot be altered. This is to ensure fairness, as any changes would impact all users who have cast their tokens.